Limassol average apartment value highest in Cyprus at €208,220

Limassol average apartment value highest in Cyprus at €208,220

The Cyprus Real Estate Agents Registration Council on Wednesday released a breakdown of property transactions and average values during the first quarter of 2024, according to property type, across all districts.

The council said that the analysis of comparative sales data, which are provided by the Department of Lands and Surveys, “offers significant insights into the transactions and property values in Cyprus during the first quarter of 2024”.

Moreover, the council noted that its analysis primarily concentrates on four key property categories, including apartments, houses, plots, and fields.

The objective of this analysis, the council continued, is to capture the average value of completed sales in each district alongside the corresponding transaction volumes.

Crucially, the council said that “it is important to clarify that the data for average prices do not only concern sales made in the cities of free Cyprus”.

“Instead, they are derived by considering all sales made within the geographical boundaries of each district,” it added.

According to the council, a total of 421 apartment transactions were recorded nationwide during the period. The majority of these transactions occurred in the district of Nicosia.

Limassol boasted the highest average apartment value at €208,220, significantly surpassing other districts.

Nicosia followed with an average value of €131,841, Larnaca at €116,914, Paphos at €107,175, and Famagusta at €105,182.

“The analysis of property transfers shows that apartments attract greater purchasing interest when compared to houses, while the sales of plots and residential fields attract the interest of land development companies,” council president Marinos Kineyirou said.

The market for houses encompassed 244 transactions across Cyprus from January to March 2024, with Nicosia leading with 137 sales.

Notably, Famagusta surpassed Larnaca in house sales and recorded the highest average value at €393,497.

Limassol saw an average value of €209,917, slightly lower at €206,436 in Larnaca, €138,488 in Nicosia, and €96,925 in Paphos.

What is more, Nicosia and Limassol dominated plot sales, accounting for 284 out of 462 transactions nationwide.

However, the highest average plot values were found in Paphos (€276,468) and Limassol (€207,875).

Famagusta followed closely with an average value of €196,857, while Larnaca recorded €182,350, and Nicosia €167,966.

It’s worth noting that plot sizes and the inclusion of buildings may contribute to the variations in average values.

Nicosia and Limassol collectively registered the highest number of field transactions, totalling 735 out of 1,206 transactions nationwide.

In terms of average values, fields were pricier in Paphos (€119,249) and more affordable in Nicosia (€82,192). The average values in the remaining three districts were relatively consistent.

The data underscores the regional variations in property transactions and values, reflecting the diverse preferences and market conditions across the island. (cyprus mail)

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